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Italy's PM Matteo Renzi quits after losing reforms vote

Italian prime minister Matteo Renzi is to resign after suffering a stinging defeat in a constitutional reforms referendum on which he staked his premiership.

"Good luck to us all," Mr Renzi told reporters, after saying he would tell his cabinet of his decision on Monday , then tender his resignation to the Italian president, after more than two years in office.

Mr Renzi conceded defeat after exit polls showed his proposal losing by a margin of about 60 to 40% in Sunday's ballot.

The prime minister said his reforms would have slashed Italy's bureaucracy and made the country more competitive. His opponents were hoping to tap into the populist sentiment that has been gaining ground in Europe and the U.S.

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